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Opens with a rare mea-pre-culpa scorecard of prior year's picks (Splunk +100%, Salesforce +39%, Wix +12% vs. S&P +20%) on pp. 2-5. Classified as initial_thesis because all three are freshly-presented ideas at this annual summit, but note the format is a conference showcase rather than a single-target campaign deck. No stake disclosed in this document. Tone is collaborative/analytical throughout — Tom Pike is cited approvingly, not attacked. Tom Pike CEO quote on p.63 is supportive (track record) not contradictory. Cover cites 10XEBITDA.com watermark source.", "kpisCited": [ { "detail": "Declined 700bps from 38% (FY21) to 31% (FY23E); target 40% exiting Q4'24", "metric": "GoDaddy growth + profitability" }, { "detail": "28% exiting 2023 → 33%+ exiting 2024 target", "metric": "GoDaddy Adj. EBITDA margin" }, { "detail": "20.9% of revenue Q2'23 annualized vs. 16.3% in FY18, while revenue growth fell from 19.2% to 3.2%", "metric": "GoDaddy Tech & Development expense" }, { "detail": "$7.25 FY23E → $10+ by Q4'24 annualized", "metric": "GoDaddy FCF per share" }, { "detail": "11.0x vs. 17.7x peer median", "metric": "GoDaddy P/FY23 FCF" }, { "detail": "21.0M vs. Wix 6.1M, Ionos ~6.0M, Squarespace 4.3M (3-5x peers)", "metric": "GoDaddy total customers" }, { "detail": "Flat (0%) vs. Nasdaq Internet +37%, S&P 500 +13% — 37% underperformance", "metric": "GoDaddy 2023 YTD share price" }, { "detail": "$12B at 7.9x FY24E EBITDA", "metric": "News Corp enterprise value" }, { "detail": "61% ownership of $13B market cap = ~$8B", "metric": "News Corp REA Group stake" }, { "detail": "$4B / FY24 EBITDA = 4.0x", "metric": "News Corp RemainCo ex-REA EV multiple" }, { "detail": "$11B+ vs. $4B implied today", "metric": "News Corp estimated SOTP assets ex-REA" }, { "detail": "~$33 vs. current ~$22 (~50% upside)", "metric": "News Corp sum-of-parts per share" }, { "detail": "10% CAGR FY15-FY23, ~54-58% EBITDA margin, #1 in Australia at 3.3x nearest competitor audience", "metric": "REA Group revenue CAGR" }, { "detail": "$4B at 12x FY24 EBITDA ($330M consensus)", "metric": "Fortrea enterprise value" }, { "detail": "13% vs. 19% peer median (ICLR most comparable)", "metric": "Fortrea FY22 Adj. EBITDA margin" }, { "detail": "~9% (~400bps below FY22); FY24 exit target ~13%, ~500bps below peer scale benchmark", "metric": "Fortrea FY23 guidance margin" }, { "detail": "7% (#6 of top 7 CROs controlling 80%+ of market)", "metric": "Fortrea CRO market share" }, { "detail": "~7% CAGR 2022-2027; biopharma R&D 5% growth, outsource penetration +60bp/yr", "metric": "CRO industry growth" }, { "detail": "Median 14x (range 10x-25x); Thermo/PPD at 23x, ICON/PRA at 25x", "metric": "CRO precedent transaction EBITDA multiples" }, { "detail": "$47 (60% upside) at 13% margins, $72 (144% upside) at 18% peer margins", "metric": "Fortrea implied share price" }, { "detail": "Expanded margins from 11% (FY12) to 15% (LTM Sep-2016) — 425bps; 48% outperformance vs. S&P", "metric": "Tom Pike track record at Quintiles/IQVIA" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 15:41:53+00", "model": "unknown-legacy", "runId": null, "seconds": 241.00758, "promptVersion": null }, "scqaReward": "Execution delivers $10+ FCF per share and a 7x multiple re-rating at GoDaddy, a ~$33 sum-of-parts value (~50% upside) at News Corp, and an implied $47-$72 share price at Fortrea (60%-144% upside from $29.46).", "thesisTypes": [ "operational_turnaround", "breakup_spinoff", "cost_cutting", "multiple_rerating" ], "top3Reasons": [ "GoDaddy can expand Adj. 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